ALROSA Almost Restored Diamond Exports Due to Rupee Trading
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Russia’s ALROSA has gradually restored its exports of diamonds to almost the level reached before February 24, 2022, the agency said. Bloomberg. According to those familiar with the topic, ALROSA is now selling more than $250 million a month in diamonds again, with sales only $50-100 million a month below the level reached before the Russian military operation in Ukraine. Selling resumed as some Indian banks became more comfortable with transactions in currencies other than the US dollar, agency sources said.
Most of the Russian stones are sent to manufacturers in India. There they are cut and polished, turning them into pieces ready for use in earrings and wedding rings. ALROSA sold diamonds to buyers in India and Europe mainly in exchange for rupees, the sources said. At the same time, as Bloomberg notes, there is nothing to indicate that the sales violated sanctions or laws.
The representative of ALROSA declined to comment.
Bloomberg reported in May that ALROSA supplies to the world market about a third of the required amount of rough diamonds. The introduction of US sanctions against the company caused a panic in the diamond industry.
Bloomberg reported in June that India wants agree with Russia on trade in rupees. Formerly India decided develop mechanisms for cooperation with Russia in the face of Western sanctions.
About the problems with Russian diamonds – in the material “Kommersant FM” “Diamonds have been given a ‘bloody status'”.
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